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Is one's financial aid for college or disability benefit…

Is one's financial aid for...
Is one's financial aid for college or disability benefit affected when one decided to start a business when the business has in tha tax year has more losses than profited?
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3/22/2018
emc011075
emc011075, Tax adviser
Category: Tax
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Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

If the business does not generate any profit your financial aid or disability will not be affected. However, to be classified as business for tax purposes, it has to generate profit in 3 out of five years. Otherwise the IRS reclassify your business as hobby will not allow you to claim any business loses.

emc011075
emc011075, Tax adviser
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